Lodge Resources (CSE: LDG) last night quietly announced that the company has completed the final tranche of its ongoing private placement, with the tranche bringing in an additional $430,325 through the sale of 1,229,500 units.
Collectively, the financing brought in $1,494,118.85 in gross proceeds through the sale 4,268,911 units in a financing that was initially to be only $805,000 in size when first announced. Last week, the financing was upize to a maximum of $1.5 million however due to strong demand for involvement within the placement, a near doubling from the initial figure.
Each unit, issued at a price of $0.35, consists of one common share and one common share purchase warrant. Each purchase warrant has a maturity of 12 months and enables the holder to purchase one common share at a price of $0.50. All shares are subject to a mandatory four-month lockup period.
Proceeds from the financing will be utilized for working capital and general corporate purposes.
Lodge Resources last traded at $0.48 on the CSE.
FULL DISCLOSURE: Lodge Resources Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Lodge Resources Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
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